Davis LLP Represents CIBC in Bentall Centre Tower V Financing

Published: Thursday, 26 June 2003

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BTC Properties II Ltd. placed a $40 million financing on Bentall Centre, Tower V with CIBC on June 26, 2003.

The financing was a new facility, replacing one that CIBC had previously extended on the security of Tower IV. The Standard Life Assurance Company utilized Tower IV as security for an advance to retire $60 million in mortgage bonds issued by Bentall Properties Ltd., a predecessor to BTC Properties II.

CIBC has utilized Bentall V, the newest tower in the complex, as security for a $40 million operating facility for BTC Properties II, which is controlled by the Caisse de dépôt et placement du Québec.

CIBC was represented by Bob Groves of Davis LLP.